Agile Therapeutics Announces 1-For-40 Reverse Stock Split
26 4월 2022 - 9:00PM
Agile Therapeutics, Inc. (Nasdaq: AGRX) (“Agile”), a women's
healthcare company, today announced that the Board approved a
1-for-40 reverse stock split, to be effective 5:00 p.m. on Tuesday,
April 26, 2022. The Company’s common stock will open for trading on
the Nasdaq Market on Wednesday, April 27, 2022 on a split-adjusted
basis under the current trading symbol "AGRX." The reverse stock
split was approved by Agile’s stockholders on April 21, 2022 and is
intended to increase the per share trading price of the Company's
common stock to enable the Company to satisfy the minimum bid price
requirement for continued listing on the Nasdaq Capital Market.
The 1-for-40 reverse stock split will automatically convert 40
current shares of Agile’s common stock into one new share of common
stock. No fractional shares will be issued in connection with the
reverse stock split. Stockholders who would otherwise hold a
fractional share of Agile’s common stock will receive a cash
payment in lieu thereof at a price equal to that fraction to which
the stockholder would otherwise be entitled multiplied by the
closing price of Agile’s common stock on the Nasdaq Capital Market
on Tuesday, April 26, 2022. The reverse split will reduce the
number of shares of outstanding common stock from approximately
146,741,862 shares to approximately 3,668,546 shares. Proportional
adjustments also will be made to the exercise prices of Agile’s
outstanding stock options and warrants, and to the number of shares
issued and issuable under Agile’s stock incentive plan.
Broadridge Corporate Issuer Solutions (“Broadridge”) will act as
the exchange agent for the reverse stock split. Stockholders
holding their shares electronically in book-entry form are not
required to take any action to receive post-split shares.
Stockholders owning shares through a bank, broker or other nominee
will have their positions automatically adjusted to reflect the
reverse stock split, subject to brokers’ particular processes, and
will not be required to take any action in connection with the
reverse stock split. For those stockholders holding physical stock
certificates, Broadridge will send instructions for exchanging
those certificates for shares held electronically in book-entry
form or for new certificates, in either case representing the
post-split number of shares.
In connection with the reverse stock split, the Company's CUSIP
number will change to 00847L209 as of 5:00 pm on Tuesday, April 26,
2022.
About Agile Therapeutics, Inc.Agile
Therapeutics is a women's healthcare company dedicated to
fulfilling the unmet health needs of today’s women. Our
product and product candidates are designed to provide women with
contraceptive options that offer freedom from taking a daily pill,
without committing to a longer-acting method. Our initial
product, Twirla®, (levonorgestrel and ethinyl estradiol)
transdermal system, is a non-daily prescription contraceptive.
Twirla is based on our proprietary transdermal patch technology,
called Skinfusion®, which is designed to allow drug delivery
through the skin. For more information, please visit the company
website at www.agiletherapeutics.com. The
Company may occasionally disseminate material, nonpublic
information on the Company’s website.
Forward-Looking Statements
Certain information contained in this press release includes
“forward-looking statements”, within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We may, in some cases
use terms such as “predicts,” “believes,” “potential,” “continue,”
“anticipates,” “estimates,” “expects,” “plans,” “intends,” “may,”
“could,” “might,” “likely,” “will,” “should” or other words that
convey uncertainty of the future events or outcomes to identify
these forward-looking statements. Our forward-looking statements
are based on current beliefs and expectations of our management
team that involve risks, potential changes in circumstances,
assumptions, and uncertainties, including our expectations
regarding the effect of the reverse stock split and our continued
listing on Nasdaq. Any or all of the forward-looking statements may
turn out to be wrong or be affected by inaccurate assumptions we
might make or by known or unknown risks and uncertainties. These
forward-looking statements are subject to risks and uncertainties
including risks related to our ability maintain regulatory approval
of Twirla, our ability to successfully commercialize Twirla,
regulatory and legislative developments in the United States and
foreign countries, our ability to obtain and maintain intellectual
property protection for Twirla, our strategy, business plans and
focus, and the other risks set forth in our filings with the U.S.
Securities and Exchange Commission, including our Annual Report on
Form 10-K and our Quarterly Reports on Form 10-Q. For all these
reasons, actual results and developments could be materially
different from those expressed in or implied by our forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which are made only as of the date of
this press release. We undertake no obligation to publicly update
such forward-looking statements to reflect subsequent events or
circumstances.
Contact:
Matt Riley
Head of Investor Relations & Corporate Communications
mriley@agiletherapeutics.com
Agile Therapeutics (NASDAQ:AGRX)
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